
Essay
Probability, Contrary Evidence, and Judicial Mistake
by Brian Sawers
In Business Roundtable v. SEC, the D.C. Circuit struck down Rule 14a-11, which granted certain shareholders the right to nominate directors on the corporate proxy. The decision is important not only because it halted the SEC’s efforts to regulate proxy access, but also because it imposes a new requirement of cost-benefit analysis for financial regulation.…